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📌 Demand Schedule
📌 Demand Schedule
A demand schedule is a table that shows the different quantities of a commodity demanded at different prices during a specific time period.
Example:
Example:
Price (₹)
Quantity Demanded
50 - 20 units
40 - 30 units
30 - 45 units
20 - 60 units
📌 Demand Curve
📌 Demand Curve
A demand curve is the graphical representation of the demand schedule showing the inverse relationship between price and quantity demanded.
👉 It slopes downward from left to right, meaning:
Price ↓ → Quantity Demanded ↑
📌 Supply Schedule
📌 Supply Schedule
A supply schedule is a table that shows the different quantities of a commodity supplied at different prices during a specific time period.
Example:
Example:
Price (₹)
Quantity Supplied
20 - 10 units
30 - 25 units
40 - 40 units
50 - 55 units
📌 Supply Curve
📌 Supply Curve
A supply curve is the graphical representation of the supply schedule showing the direct relationship between price and quantity supplied.
It slopes upward from left to right, meaning:
Price ↑ → Quantity Supplied ↑
Example of Supply Curve
Example of Supply Curve
A supply curve is drawn using the data of a supply schedule.
Supply Schedule Example
Supply Schedule Example
Price (₹)
Quantity Supplied
20 - 10 units
30 - 25 units
40 - 40 units
50 - 55 units
Interpretation
Interpretation
As price increases:
At ₹20, the producer supplies 10 units
At ₹30, the producer supplies 25 units
At ₹40, the producer supplies 40 units
At ₹50, the producer supplies 55 units
This data shows that higher price encourages the producer to supply more, which is the basis of the Law of Supply.
Conclusion
Conclusion
When we plot the above price and quantity supplied values on a graph:
When we plot the above price and quantity supplied values on a graph:
X-axis = Quantity Supplied
Y-axis = Price
the curve formed will rise upward from left to right, which represents the Supply Curve.
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